Annuity Insurance Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Annuity Insurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Annuity Insurance Global Market Report 2024, The annuity insurance market size has grown strongly in recent years. It will grow from $936.97 billion in 2023 to $990.4 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to a rise in digitalization, reduced operational and administrative costs, heavy discounting on insurance premiums, a high level of internet penetration, and switch from traditional to annuity insurance services.

The annuity insurance market size is expected to see strong growth in the next few years. It will grow to $1,242.69 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to increasing mobile usage, internet usage continuing to rise, increasing popularity for purchasing insurance, people purchasing insurance online, rise in convenience and accessibility of purchasing insurance, and growing awareness of the benefits of having health coverage. Major trends in the forecast period include rising uptake of the Internet of Things technology, demand for customized insurance products, the advent of mobile apps and AI technologies, the transition of insurance companies from product-based towards consumer-centric strategies, and the adoption of InsurTech.

The growing pool of individuals seeking retirement income solutions is expected to propel the growth of the annuity insurance market in the future. Retirement income solutions refer to financial products, strategies, and plans designed to provide individuals with a stable and sustainable income stream during their retirement. Retirement income solutions are attributed to financial products and strategies designed to provide individuals with a steady and reliable income stream during their retirement years, ensuring economic stability and peace of mind. Annuity insurance offers a guaranteed, steady income stream for retirees by converting a lump-sum payment into regular payments for a specified period, ensuring financial stability and mitigating the risk of a money crunch. For instance, according to the Asset Management 2024 Defined Contribution (DC) plan participant survey of 1,503 participants conducted by J.P. Morgan, a US-based investment banking company, found that guaranteed income alternatives are appealing. Moreover, Seven out of ten (72%) believed their workplace retirement plan was vital to how they perceived their households’ financial well-being, and 85% said retirement benefits were an important consideration in selecting whether to stay with an employer or pursue a new job opportunity. Therefore, the growing pool of individuals requiring retirement income solutions is driving the growth of the annuity insurance market.

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The annuity insurance market covered in this report is segmented –

1) By Type: Fixed Annuity Insurance, Variable Annuity Insurance, Indexed Annuity Insurance, Other Types
2) By Application: Financial, Manufacturing, Industrial, Travel And Hospitality, Other Applications
3) By Distribution Channel: Insurance Agencies And Brokers, Banks, Other Distribution Channels

Major companies operating in the annuity insurance market increasingly focus on product advancements to cater to diverse customer needs, whether for individual or group general annuity savings. The annuity saving plan offers flexible premium payment options, including single premium, limited premium payment terms, and regular premium payments. For instance, in January 2024, Max Life Insurance Company Limited, an India-based insurance company, launched the ‘Smart Wealth Annuity Guaranteed Pension Plan’ (SWAG Pension Plan). This non-linked, non-participating individual or group general annuity savings plan allows customers to tailor their policies by selecting various annuity options and ‘Return of Premium’ options. The plan aims to help individuals prepare for retirement by offering customizable features and variants. The plan’s key features include selecting from various annuity and ‘Return of Premium’ options, subject to policy terms and conditions.

The annuity insurance market report table of contents includes:

1. Executive Summary
2. Annuity Insurance Market Characteristics
3. Annuity Insurance Market Trends And Strategies
4. Annuity Insurance Market – Macro Economic Scenario
5. Global Annuity Insurance Market Size and Growth
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32. Global Annuity Insurance Market Competitive Benchmarking
33. Global Annuity Insurance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Annuity Insurance Market
35. Annuity Insurance Market Future Outlook and Potential Analysis
36. Appendix

 

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